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Article: Willis planning $230 million IPO.(Willis Group Ltd. and Willis Group Holdings Ltd.)(Brief Article)
- Article from:
- Business Insurance
- Article date:
- May 21, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON-Insurance broker Willis Group Ltd. expects to raise up to $230 million through an initial public offering of stock in a newly established Bermuda-based holding company.
Following the sale of 20 million shares in Willis Group Holdings Ltd., at an estimated price of between $10 and $12 per share, the world's third-largest insurance broker would have a market capitalization of about $1.7 billion, according to documents filed last week with the U.S. Securities and Exchange Commission. Willis intends to commence the IPO ``as soon as practicable,'' the filing says.
The broker declined to discuss the IPO, saying it is in the midst of the SEC-mandated ...